Question

What will be the entry for this transaction ' Paid a Trade Payable, Tahiya, by cash TK 1000'?

Answer 1

Answer:

cash of 1000 paid to the supplier (Tahiya ) for the purchase of inventory or trade payables paid

Explanation:

In accounting system, trade payables are recorded in separate accounts payable accounts, with a credit to the accounts payable account and debit to whichever accounts most closely represents nature of payment such as an expense or an asset.